Henry Paulson On Jamie Dimon. REUTERS/Jim Young Henry Paulson Former Treasury Secretary Henry Paulson was on CNBC this morning talking about the recent financial crisis among other things. Paulson, once the CEO of Goldman Sachs, was asked about JP Morgan and CEO Jamie Dimon. And he only had praise for Dimon, pointing specifically to his role in JP Morgan's decision to acquire investment bank Bear Stearns as it was on the brink of failure. "It took someone with a great deal of courage and confidence and someone with the support of his board," said Paulson. Over a matter of days, Bear Stearns's stock price got destroyed as investors and counterparties became increasingly aware of the bank's exposure to the crumbling housing market. Paulson noted that on one Thursday, the major Wall Street players were informed that Bear Stearns would effectively fail the next day.
With Paulson acting as a broker, Dimon led the acquisition and rescue of Bear Stearns in a matter of days. Cisco CEO John Chambers' salary almost doubled. Gunman who took firefighters hostage killed after standoff. SUWANEE, Ga. -- Police have confirmed 55-year oldLauren Holman Brown was the suspect who held firefighters hostage in Suwanee Wednesday. On Friday afternoon, Brown's family released a statement: The family would like to express its appreciation to the Gwinnett County Police and Fire Department for all they did to bring this situation to resolution and for their support of our family. We are very grateful that no one else was killed during the standoff. A SWAT team stormed the house on Walnut Grove Way in Suwanee just after 7:30 p.m. Wednesday. PHOTOS | Firefighters held hostage During the Thursday afternoon press conference, 11Alive learned more details of the standoff. Wednesday, dispatchers got a call from Brown at 3:41 p.m.
Shortly after, Brown demanded the routine fire truck and ambulance be removed from the front of his home. Brown made an order thatservice be restored to his utilities, including cable and phone. SWAT entered Brown's home to begin their rescue. Cpl. A Just-Named Goldman Partner Once Reportedly Offered A Call Girl 500,000 Pounds To Leave Her Husband. Goldman Sachs just published its list of newly appointed partners. At least one of them has a colorful past. In 2009, then-35-year-old Yann Samuelides offered a call girl £500,000 to "leave her pensioner husband," the Daily Mail reported at the time: He offered her this amount to marry him, the court was told. He also threatened to kill himself if she stopped seeing him, Miss Holmokova's estranged husband claimed during a bitter divorce hearing.
Denis Morley, a 67-year-old retired businessman, told the court the banker had showered his young wife with gifts after becoming her client. He had even rented a luxurious flat for her before offering his £500,000 marriage proposal, he said. It may have worked though: the woman eventually divorced her husband, and was accompanied by Samuelides to divorce court. She did not ask her ex for any financial settlement, the Mail said. Corporations Are Sociopaths « Volatility. Sociopaths are people who are completely devoid of any sense of empathy or caring. Other people simply don’t exist other than as things to be manipulated and consumed, with no more emotional consideration than when you unwrap a candy bar, throw out the wrapper, and devour the calories. Everyone regards such individuals with horror, except where it comes to business and politics, where suddenly the existence and tolerability, even desirability, of sociopathy becomes controversial.
I’m not writing about this sociopathy of the elites themselves today, or about the bizarre collective sociopathy of masses which often exempts, accepts, and celebrates it. Such issues, however, do go toward the general critique of representative government in itself, and from there to elitism in itself. (I define the term elitism as the tolerance of or desire for the existence of hierarchical elites, especially in politics and the economy.) No one has responsibility, as Ted Nace describes (chapter 14, p.203): In the world of financial reform, an uneven playing field. After years of talk, regulators are at long last moving into the action phase of the revamp of global capital markets.
Global rule makers have spent much of the past half decade crafting overarching plans to curb risk and limit future bailouts. It is now up to individual nations to put in place their own rules to make it happen on a local level. Some countries are pushing ahead quickly, Canada among them. Others are lagging. That’s creating an ever-shifting and uneven playing field. Bankers and investors are frustrated. “The street needs the clarity: this is the sandbox that you can go and play in,” said Andrew Torres, chief investment officer at Toronto-based hedge fund Lawrence Park Capital Partners. There are myriad unintended consequences to the uneven approach to regulation. While regulators have talked, markets have managed to take care of some of their own problems.
Markets have adapted. “It’s old school,” said Mr. Even Mr. Mr. US senators to grill JP Morgan over $6bn losses. The Road to Oligarchy. Sanders writes: "The democratic foundations of our country and this movement toward a more inclusive democracy are now facing the most severe attacks, both economically and politically... " By Bernie Sanders, Reader Supported News 26 July 12 The Senate Committee on the Judiciary Subcommittee on the Constitution, Civil Rights and Human Rights held a hearing Tuesday on “Taking Back Our Democracy: Responding to Citizens United and the Rise of Super PACs” Here is Sen.
Bernie Sanders’ testimony: r. The history of this country has been the drive toward a more and more inclusive democracy—a democracy which would fulfill Abraham Lincoln’s beautiful phraseology at Gettysburg in which he described America as a nation “of the people by the people for the people.” We all know American democracy has not always lived up to this ideal. One year after that, the Supreme Court ruled that the poll tax was unconstitutional, that people could not be denied the right to vote because they were low-income. Bernie vs. the Billionaires. Obama Admin Helps Undermine U.N. Arms Treaty Talks While Touting Record-High Weapons Sales Abroad. The Problem Isn’t Outsourcing: Prosperity Of Big Business Has Become Disconnected From Well-Being Of Most Americans.
By Robert Reich President Obama is slamming Mitt Romney for heading companies that were “pioneers in outsourcing U.S. jobs,” while Romney is accusing Obama of being “the real outsourcer-in-chief.” These are the dog days of summer and the silly season of presidential campaigns. But can we get real, please? The American economy has moved way beyond outsourcing abroad or even “in-sourcing.” Most big companies headquartered in America don’t send jobs overseas and don’t bring jobs here from abroad. That’s because most are no longer really “American” companies. They’ve become global networks that design, make, buy, and sell things wherever around the world it’s most profitable for them to do so.
As an Apple executive told the New York Times, “we don’t have an obligation to solve America’s problems. Forget the debate over outsourcing. Apple employs 43,000 people in the United States but contracts with over 700,000 workers overseas. What’s going on? So forget the debate over outsourcing. We’ve Got Some Big Houses—That We Could Share by Doug Pibel. Just 60 years ago, the average American had 291 square feet of living space. Now it’s close to 1,000 square feet. Have we changed our needs that much? Or just our wants? Posted May 24, 2012 For many people, “doubling up”—moving in with family or friends—is the last step on the way to homelessness. 1.
In 2010, that 3.1% difference could have meant 1.4 million people kept out of poverty. 2. Consider this: 79 million baby boomers will be entering their elder years in the next two decades. 3. One of the biggest costs of housing—both monetary and ecological—is heating and cooling. Doug Pibel wrote this article for Making it Home, the Summer 2012 issue of YES! Interested? Real Homes: Small, Frugal, and GreenWith 5 million houses in foreclosure, we are rediscovering that living sustainably includes living affordably.
Comment on this articleHow to add a comment – Commenting Policy. NYT: JPMorgan Prop Trading Loss May Reach $9 Billion. It's 3:45 am and I decide to check the wires one final time before sleep. Looks like the London Whale hedge prop bet is becoming more painful to JPMorgan's bottom line and Dimon's fragile ego. Pretty solid timing on the leak from JPM insiders as well, as this story will soon to be buried by headlines on Obamacare and Fast and Furious as the House votes on Eric Holder and SCOTUS rules at 10 am EST. Just two days ago the FT reported that things might be looking up for JPM. IG9 index trading for bitchez, on sale at Amazon, now. #SucksToBeJamie Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.
When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. The bank’s exit from its money-losing trade is happening faster than many expected. Latin American Art Sales Add Evidence To My Theory. Christie’s sold $27.7 million worth of Latin American art this week. There were 299 lots in the evening and day sales combined, and 84% of them sold by value while 74% sold by lot.
Matta achieved a world record price, $5 million for a work, La révolte des contraires (at right), which had been estimated at $1.8 million to $2.5 million. And there’s more, some evidence for the theory I floated in early May about the contemporary sales — that people are literally buying because they can set a record. Not just conspicuous, but ostentatious consumption, in other words. That means that almost 17% of the lots were record-setters. I think some of this money is looking for a safer investment home than the rocky stock markets, as well as buying to show you can. Photo Credit: Courtesy of Christie’s.
Dimon under pressure to resign NY Fed post. Jamie Dimon has no business being on the board of directors at the New York Federal Reserve Bank, according to Simon Johnson and thousands of others. Johnson, an influential professor at MIT and a former IMF chief economist, says the chief executive of JPMorgan (JPM) should step down immediately or be forced to resign his post at the New York Fed. JPMorgan CEO Jamie Dimon is feeling the heat. To get his point across, Johnson has formed a petition calling on the Fed to give Dimon the boot. The petition, posted online at Change.org, has received 2,293 signatures so far. JPMorgan is under investigation by a host of regulatory agencies, investor groups and the U.S. But the New York Fed, which is JPMorgan's main regulator, cannot conduct a thorough investigation with Dimon on its board, said Jonson.
Once one of the most admired CEOs on Wall Street, Dimon has come under fire from all corners after JPMorgan disclosed a massive $2 billion loss on trades that Dimon attributed to "sloppiness. " Perhaps It's Jamie Dimon Who Needs a Psychiatrist. JP Morgan’s CEO once complained that traders would need to see psychiatrists in order to comply with financial regulations. Maybe that’s not such a bad idea. James Dimon. (AP Photo/Mark Lennihan) J.P. Morgan’s CEO Jamie Dimon once sarcastically complained that all his traders would need to talk to a psychiatrist in order to comply with regulations.
Now, in the absence of strict regulations, every trader on the street is psychoanalyzing Dimon’s every word in order to try to make money off J.P. Morgan’s very large mistake. About the Author Alexis Goldstein Alexis Goldstein is a former Wall Street professional and currently serves as the Communications Director for The Other... Also by the Author E-mails obtained through a FOIA request reveal the extraordinary access SIFMA had to Federal Housing Finance Administration officials. Despite being vastly outnumbered, reformers made a real difference. Bloomberg reported in April that a J.P. This position is huge for the market in which it trades. Goldman Sachs Executives Considered Splitting Chairman And CEO Role.
By Lauren Tara LaCapra NEW YORK, March 27 (Reuters) - Senior executives within Goldman Sachs have talked about splitting the roles of chief executive officer and chairman, two sources said, although pressure for any imminent move appears to have eased after a deal with a labor union pension fund. Proposals to separate the CEO and chairman roles have long been sought by outside groups, but two people familiar with management thinking provided the first indication that internal discussions about such a move have taken place. Under a restructure, President Gary Cohn would take the chief executive officer role and Vice Chairman J. Michael Evans would be elevated to president, leaving current CEO and Chairman Lloyd Blankfein with only the chairman role, the two sources said. The sources declined to be identified because they were not authorised to speak publicly. In addition, Blankfein, who has held both positions since 2006, still has powerful allies on the board and within the firm.
The real hunger games: How banks gamble on food prices – and the poor lose out - World Politics - World. Hedge funds, pension funds and investment banks such as Goldman Sachs, Morgan Stanley and Barclays Capital now dominate the food commodities markets, dwarfing the amount traded by actual food producers and buyers. Purely financial players, for example, account for 61 per cent of investment on the wheat futures market, according to the World Development Movement report Broken Markets. Speculative investment in agricultural commodities in 2011 was 20 times the amount spent by all countries on agricultural aid. Goldman Sachs, the largest player in the agricultural commodities market, earned £600m from food speculation in 2009, and Barclays Capital, the world's third-largest player and largest British bank in this market, earned up to £340m in 2010, according to the report. Goldman Sachs and Barclays Capital declined to comment.
Food prices reached a 30-year high in 2008, sparking food riots from Mexico to Bangladesh. But introducing changes will not be easy, says De Schutter. Another Hidden Bailout: Helping Wall Street Collect Your Rent | Matt Taibbi. Jamie Dimon on World Economy, Geithner & Bernanke. Jamie Dimon actually thinks he is successful. It is hard to know what to respond to first: the fact that he is clueless, or the fact that he thinks he is successful. Rich, yes he is rich. But rich is not the same as successful. Often, rich is the opposite of successful. Rich is the symptom of a system that has allocated its resources illogically, responding to the kind of power differentials that are at the heart of rentseeking and monopoly.
On Dimon's scale, Idi Amin was successful. "JPMorgan Chase & Co. In other words, if we judge success by an ability to operate as an insider and a parasite on a national scale, he's successful. Anyway, let's look into the bones of his comments. One can not call this phenomenon successful, save in the way that freaks and frauds that beguile a gullible audience are successful. 16 To make their land desolate, and a perpetual hissing; every one that passeth thereby shall be astonished, and wag his head. Dimon: To Fix Housing, Everyone Should Get in a Room and Decide to Do My Bidding. Inside the intriguing world of Tony Blair Incorporated. J.P Morgan could lose $5 billion from PIIGS exposure. Jamie Dimon: JP Morgan Can Stay Solvent Longer Than Europe Can Stay Irrational - US Business News Blog. Doing God's work!!! Lloyd blankfein « The Path Whisperer.
Capitalism's own worst enemy. Blankfein: Romney's Gonna Win - Goldman Sachs CEO predicts Republican nominee. Bankers' opposition to Volcker rule is no surprise - latimes.com. Greedy Bastards:How We Can Stop Corporate Communists, Banksters,& Other Vampires from Sucking Americ. Indignant rich round on protest movement. Well-off ought to stop whining. Bank CEOs out-earned shareholders and employees in 2011.
As Big Bank Stocks Plunge, CEOs Continue to Reap Huge Salaries. Richard (RJ) Eskow: For a Sane Economy in 2012, How About a Little Shame? Jamie Dimon | The Wall Street Job Report. Max Keiser: Suckle On My Quantitative Easing! Another Jamie Dimon Classic. Leaked Tearful Plea From Jamie Dimon’s Upcoming Conference Call « Market Squeeze – Stock Market Madness. Woe is Goldman (and peers) - The Red Wrap. EXCLUSIVE: CNBC MEDIA ALERT: CNBC’S MARIA BARTIROMO SPEAKS WITH JAMIE DIMON, JPMORGAN CHASE PRESIDENT, CHAIRMAN & CEO TODAY ON CNBC’S “CLOSING BELL WITH MARIA BARTIROMO”
Goldman Sachs, Morgan Stanley in lead race to manage Facebook IPO. Jamie dimon « The Path Whisperer. Shorter Jamie Dimon: “I am not a psychopath” Occupy's Celebrity 1 Percent Backers - Page 1 - Brent Bozell. Morning Take-Out.